For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2015 for $3,250,000. Its useful life was estimated to be five years, with a $240,000 residual value. At the beginning of 2018, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in 000s) Year Straight Line Declining Balance Difference 2015 $ 602 $ 1,300 $ 698 2016 602 780 178 2017 602 468 (134 ) $ 1,806 $ 2,548 $ 742

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2015 for $3,250,000. Its useful life was estimated to be five years, with a $240,000 residual value. At the beginning of 2018, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: 10 points ($ in 000s) straight Line Declining BalanceDifference Year 2015 2016 2017 $ 602 602 602 $1,806 $1,300 780 468 698 178 (134) 742 eBook $2,548 Print Required 2. Prepare any 2018 journal entry related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list View journal entry worksheet No Event General Journal Debit Credit Depreciation expense 23,100 Accumulated depreciation 23,100